According to the FT the recent financing for Checkout.com was settled between ‘gentlemen’ rather than through term sheets! The head of the UK Venture Capital Association, said: “I have never heard of anyone engaging in what might be called a term sheet of trust before. I do not think this would or should catch on.”
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London start-up strikes handshake deal with investors
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Insight Partners and DST Global carried out due diligence without signing term sheets meaning they reviewed Checkout.com’s source code and financial information without any written agreement, according to founder and chief executive Guillaume Pousaz. “I know it’s like crazy in a way, but it just felt the right thing to do,” he said. “When we had that handshake, you know, it was done. It was done in my head.” He added that his banking adviser had urged him to seek funds from other sources and at a higher price.
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